Sanara MedTech (SMTI) – A Profitable 90%+ Gross Margin Surgical Products Business

In this business breakdowns, Ian Cassel and Chris Plahm sit down with Sanara MedTech (SMTI) CEO Seth Yon and CFO Elizabeth Tayler. This MicroCap Business Breakdowns discussion took place live on December 11th, 2025, on the MicroCapClub Community. ⁠https://microcapclub.com/join-now/⁠

Sanara is a profitable, growing, 90%+ gross margin small-cap med-tech company trading at 1/2 of peer group multiple. The surgical business is on a path toward 20% growth or roughly $125 million in revenue and around $25 million in EBITDA in 2026, representing a multiple today of 1.75x EV/Sales and 8.8x EV/EBITDA. Peer med-tech companies with similar growth and margin characteristics typically trade at 3- 6x sales and in the low-teens to high-teens on EBITDA. The shutdown of THP (discontinued operations) in late 2025, will make the financials much cleaner and easier for investors to see and model through 2026 and beyond. The setup is in place for a meaningful re-rating along with operational progress as the story becomes purely surgical and operating leverage continues to show through. https://sanaramedtech.com

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